Bouncing off Its Resistance, the EURJPY Changed Its Course Again

EURJPY Price Analysis – October 25

As at the moment, the EURJPY is trading at 120.48 below its opening price past the horizontal zone on the level at 120.78. The FX pair had changed course from the upper zone of the horizontal level at 121.47 earlier in the week. The market is not exactly with the required momentum as the clock winds down for the week.

Key Levels

Resistance Levels: 126.78, 123.37, 121.47

Support Levels: 119.11, 118.17, 117.08

EURJPY Long term Trend: Bearish

The EURJPY exited the prior session on the level at 120.63 losing about 35 pips. While trading today with 27 pips lower after the open, the pair was unable to hold on to its gains as the bears took control and may likely end the day below its opening price.

However, more reactions from the downside would decide whether the long term has reversed. As of now, a further advance to the upside is expected as long as the level at 117.08 support is retained.

EURJPY Short term Trend: Ranging

After its inability to break through its near term minor resistance level at 120.78, the EURJPY is likely to close below it after spiking up to 121.39 earlier in the week. For now, the EURJPY is in consolidation from the level at 121.47 and intraday bias stays neutral at the initial instance.

A deeper retracement may not be ruled out. Although the downside should be contained above the horizontal support zone on the level at 119.11 to bring another rally.

Instrument: EURJPY
Order: Sell
Entry price: 120.78
Stop: 121.47
Target: 119.11

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